turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Klick6900
New Member

Where would I report a Inncome Loss of Sale of a Vechkic;le

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Where would I report a Inncome Loss of Sale of a Vechkic;le

If this was a personal vehicle, not used in a business, the loss on the sale is not reported on a tax return.  Only if you had a gain on the sale would that need to be reported.

SharonD007
Expert Alumni

Where would I report a Inncome Loss of Sale of a Vechkic;le

You don't enter the loss from a personal vehicle sale on your tax return, you only report if you sold it as a gain.  

 

If you sold your business vehicle, it is reported on Form 4797 Sales of Business Property, which flows to Schedule D - Capital Gains and Losses.

 

Refer to the TurboTax Help article How do I edit the sale of a business property (Form 4797) for navigation instructions and select Sales of business or rental property that you haven't already reported to report your business vehicle sales.

 

@Klick6900 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question